Sonos Inc (SONO) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I'd like to welcome everyone to the 60-minute Sonos fourth-quarter and fiscal 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待。我叫凱拉，今天我將擔任你們的會議接線生。現在，我謹代表 Sonos 公司，歡迎大家參加本次 60 分鐘的 2025 財年第四季業績電話會議。（操作說明）

I would now like to turn the call over to James Baglanis, Head of Corporate Finance. You may begin.

現在我將把電話交給企業融資主管詹姆斯·巴格拉尼斯。你可以開始了。

Good morning, and welcome to Sonos' fourth-quarter and fiscal 2025 earnings conference call. I am James Baglanis, and with me today are Sonos' CEO, Tom Conrad; CFO, Saori Casey; and Chief Legal and Business Development Officer, Eddie Lazarus.

早安，歡迎參加 Sonos 2025 財年第四季及業績電話會議。我是 James Baglanis，今天和我在一起的有 Sonos 的首席執行官 Tom Conrad；首席財務官 Saori Casey；以及首席法律和業務發展官 Eddie Lazarus。

Before I hand it over to Tom, I would like to remind everyone that today's discussion will include forward-looking statements regarding future events and our future financial performance. These statements reflect our views as of today only and should not be considered as representing our views of any subsequent date. These statements are also subject to material risks and uncertainties that could cause actual results to differ materially from the expectations reflected in the forward-looking statements. A discussion of these risk factors is fully detailed under the caption Risk Factors in our filings with the SEC.

在將發言權交給湯姆之前，我想提醒大家，今天的討論將包含有關未來事件和我們未來財務表現的前瞻性陳述。這些聲明僅反映我們截至今日的觀點，不應被視為代表我們此後任何日期的觀點。這些聲明也受到重大風險和不確定性的影響，可能導致實際結果與前瞻性聲明中反映的預期有重大差異。這些風險因素的詳細討論已在提交給美國證券交易委員會的文件中「風險因素」標題下進行了闡述。

During this call, we will also refer to certain non-GAAP financial measures. For information regarding our non-GAAP financials and a reconciliation of GAAP to non-GAAP measures, please refer to today's press release regarding our fourth-quarter and fiscal 2025 results posted to the Investor Relations portion of our website. As a reminder, the press release, supplemental earnings presentation, including our guidance and conference call transcript will be available on our Investor Relations website, investors.sonos.com.

在本次電話會議中，我們也將提及一些非GAAP財務指標。有關我們的非GAAP財務資訊以及GAAP與非GAAP指標的調節表，請參閱今天發佈在我們網站投資者關係部分的關於我們第四季度和2025財年業績的新聞稿。再次提醒，新聞稿、補充收益報告（包括我們的業績指引）和電話會議記錄將在我們的投資者關係網站 investors.sonos.com 上提供。

I will now turn the call over to Tom.

現在我將把通話轉給湯姆。

Good morning, everyone, and thank you for joining us today. Q4 brings a strong close to fiscal 2025 for Sonos. In Q4, we grew revenues 13% year over year and posted strong positive adjusted EBITDA. 2025 was, without question, a transitional year for the company, but I'm proud of all we accomplished. We restored the quality of our software and now can speak confidently about the new capabilities we're delivering across the Sonos experience.

各位早安，感謝大家今天收看我們的節目。第四季為 Sonos 2025 財年畫下了圓滿的句點。第四季度，我們的營收年增13%，調整後EBITDA也實現了強勁的正成長。毫無疑問，2025年是公司轉型的一年，但我為我們所取得的一切成就感到自豪。我們恢復了軟體的質量，現在可以自信地談論我們在 Sonos 體驗中提供的新功能。

We drove efficiencies and financial discipline into every aspect of our operations. We reorganized the way that we work in product and engineering. And as a result, today, we are executing with greater urgency, focus and effectiveness.

我們將效率提升和財務紀律融入營運的各個方面。我們重新調整了產品和工程部門的工作方式。因此，如今我們能夠以更大的緊迫感、更專注的態度和更高的效率執行任務。

Over the course of the last three quarters, you've also seen the work we're doing to rebuild our senior leadership team. And today, I'm thrilled to announce another important step on this front. In January, Colleen DeCourcy will join Sonos as our new Chief Marketing Officer. Colleen is one of the most celebrated creative leaders of her generation, bringing extraordinary taste, cultural insight, and a proven ability to connect creativity with business growth. She joined us following a successful tenure at Snap, where she served as Head of Marketing and Chief Creative Officer, and before that, as Co-President and Chief Creative Officer at Wieden+Kennedy.

在過去的三個季度裡，你們也看到了我們為重建高階領導團隊所做的工作。今天，我很高興地宣佈在這方面又邁出了重要一步。1月份，Colleen DeCourcy將加入Sonos，擔任行銷長。科琳是她這一代最受讚譽的創意領導者之一，她擁有非凡的品味、文化洞察力，以及將創意與商業成長相結合的卓越能力。在加入我們之前，她曾在 Snap 擔任行銷主管兼首席創意官，取得了成功；在此之前，她曾在 Wieden+Kennedy 擔任聯席總裁兼首席創意官。

All of this progress creates a strong foundation of excellence from which to return to growth and expand profitability, but there is more to do. The company doesn't just need more discipline, better execution, and a revitalized team. We need a new strategy.

所有這些進展都為重返成長和擴大獲利能力奠定了堅實的卓越基礎，但還有更多工作要做。公司需要的不僅僅是更強的紀律性、更好的執行力和一支重振旗鼓的團隊。我們需要新的戰略。

Over the last several years, Sonos has produced excellent products. But in thinking about what hardware to make, what software experiences to deliver, and how to bring those offerings effectively to market, we've lost focus on what makes us different and better. And what's more, we've lacked an organizing theory of the case.

在過去幾年裡，Sonos 生產了非常優秀的產品。但是，在思考要製造什麼樣的硬體、要提供什麼樣的軟體體驗以及如何有效地將這些產品推向市場時，我們卻忽略了是什麼讓我們與眾不同、更勝一籌。更重要的是，我們一直缺乏對此案例的組織理論。

I'm changing that, and I'd like to tell you a bit more about the details today. While others sell fragments, a sound bar for the TV, headphones for the commute, Bluetooth for the beach, Sonos is every dimension and sound for the home, music, movies, stories, rooms, formats, conversations and control, all connected into a single, cohesive and radically easy system.

我正在改變這一點，今天我想和大家詳細說。其他公司銷售的都是零散的設備，例如電視用的條形音箱、通勤用的耳機、海灘用的藍牙耳機等等，而 Sonos 則將家庭、音樂、電影、故事、房間、格式、對話和控制等各個方面和聲音都整合到一個單一、統一且極其簡單的系統中。

The pursuit of this system is now our organizing lens for decisions and the foundation of our durable advantage. The Sonos system is independent by design, and is the premier platform to connect first- and third-party experiences with incredible audio. It's why today, Spotify, Apple Music, YouTube Music, Amazon Music and over 100 others all thrive on Sonos.

追求這套體系現在是我們決策的組織框架，也是我們持久優勢的基礎。Sonos 系統從設計上就具有獨立性，是連接第一方和第三方體驗與卓越音訊的首選平台。這就是為什麼如今 Spotify、Apple Music、YouTube Music、Amazon Music 以及其他 100 多個音樂平台都在 Sonos 上蓬勃發展的原因。

It's also why we bring together Bluetooth, AirPlay, Spotify Connect, and analog sources alongside formats like Dolby Atmos and Lossless Audio to uniquely deliver every dimension of sound. With our installed base of over 53 million smart Internet-connected devices and more than 17 million homes and growing every day, the Sonos platform is the trusted place where services old and new work side by side, giving households freedom of choice anchored in a system that they love.

這也是為什麼我們將藍牙、AirPlay、Spotify Connect 和類比音源與杜比全景聲和無損音訊等格式結合起來，以獨特的方式呈現聲音的各個維度。Sonos 平台擁有超過 5,300 萬台智慧連網裝置和超過 1,700 萬個家庭用戶，每天都在成長，是值得信賴的新舊服務協同工作的平台，讓家庭用戶能夠在他們喜愛的系統中自由選擇。

Casting into the future, we see a world where live natural conversations with AI personalities are as commonplace as smartphones are today. And we believe Sonos' expertise in Internet-connected, voice-enabled, personal-hardware products for the home can position us as the center of these interactions. Starting now, our future hardware and software road maps are single-mindedly directed at leveraging our position in the home to deliver bold experiences, both traditional and entirely new that will make Sonos even more relevant and beloved in the eyes of our customers.

展望未來，我們看到，與人工智慧人物進行即時自然對話將像如今智慧型手機一樣普遍。我們相信，Sonos 在網路連線、語音控制的家庭個人硬體產品方面的專業知識，能夠使我們成為這些互動的中心。從現在開始，我們未來的硬體和軟體路線圖將一心一意地利用我們在家庭領域的市場地位，提供大膽的體驗，包括傳統體驗和全新體驗，這將使 Sonos 在我們的客戶眼中更加重要和受歡迎。

From a financial perspective, this strategy is underpinned by a compounding model built on generating new households and increasing lifetime value. Generating new households means bringing more homes into the Sonos ecosystem, growing our installed base through great gateway products, sharper marketing that tells our story more forcefully, and continued international expansion.

從財務角度來看，這項策略以複利模型為基礎，透過創造新的家庭和增加終身價值來實現。拓展新用戶群意味著將更多家庭納入 Sonos 生態系統，透過出色的網關產品擴大我們的用戶群，更精準的行銷更有力地講述我們的故事，以及持續的國際擴張。

Increasing lifetime value is about deepening our relationship within every household. That starts with engagement, delivering products that become an essential part of everyday life and then encouraging people to grow their Sonos systems over time, whether that's adding more rooms, headphones or building out a comprehensive home theater experience.

提升終身價值的關鍵在於加深我們與每個家庭成員之間的關係。首先要專注於互動，提供成為日常生活必需品的產品，然後鼓勵人們隨著時間的推移擴展他們的 Sonos 系統，無論是增加更多房間、耳機，還是建立全面的家庭劇院體驗。

At the end of fiscal 2025, the average Sonos household grew their system to 3.13 products and multiproduct households increased to an average of 4.49, still well below what we believe a fully realized Sonos home can become. But lifetime value isn't just about how many products someone owns, it's about the horizon over which they're investing in their Sonos systems. We want households to keep upgrading, expanding and discovering new ways to enjoy Sonos for decades. We'll do that by keeping system fresh through reliable software, excellent service, and product updates that inspire people to reinvest in Sonos.

到 2025 財年末，平均每個 Sonos 家庭擁有 3.13 件產品，多產品家庭平均擁有 4.49 件產品，但這仍然遠低於我們認為一個功能齊全的 Sonos 家庭所能達到的水平。但終身價值不僅取決於一個人擁有多少產品，還取決於他們對 Sonos 系統進行投資的時間跨度。我們希望用戶在未來幾十年中不斷升級、擴展和探索享受 Sonos 的新方式。我們將透過可靠的軟體、優質的服務和產品更新來保持系統的新鮮感，激勵人們再次投資 Sonos。

As one example of the power of this compounding model, we see a $5 billion-revenue opportunity in driving devices per multiproduct household higher to six per home and another $7 billion in converting single-product households to current multiproduct levels. Taken together, this alone is a $12 billion opportunity just within our existing base.

以這種複利模式的威力為例，我們看到，將每個多產品家庭的設備數量提高到每戶 6 台，就能帶來 50 億美元的收入機會；而將單產品家庭轉變為目前的多產品家庭，又能帶來 70 億美元的收入機會。綜合來看，僅在我們現有的客戶群中，就有價值 120 億美元的機會。

Our opportunity is to write the next great chapter for Sonos. For the last many years, we were just selling speakers and experimenting with new categories. Today, we're building a cohesive system that compounds in value, stronger as it grows, smarter as it evolves, and more essential over time. We hold just 6% of the $24 billion global premium audio market. There is no reason we cannot garner a much larger share of this market while we simultaneously grow the sound system category that we invented.

我們的機會是為 Sonos 譜寫下一個輝煌篇章。過去很多年，我們一直只銷售音箱，並嘗試拓展新的產品類別。今天，我們正在建立一個不斷增值的凝聚系統，隨著發展壯大而變得更強大，隨著演變而變得更智能，隨著時間的推移變得越來越重要。我們僅佔全球240億美元高階音響市場的6%。我們完全有理由在發展我們開創的音響系統品類的同時，獲得更大的市場份額。

While our strategy will take time to fully manifest in our hardware portfolio, including the delivery of entirely new products for use cases and spaces in the home that we do not occupy today, we enter fiscal 2026 with an incredible portfolio of products that we are bringing into tight alignment with the strategy through software updates. We'll further strengthen the family with new hardware products launching in the second half of the year, and we'll continue to sharpen our brand storytelling, expand internationally, drive excellence in our installer channel, and partner selectively to reach new audiences.

雖然我們的策略需要時間才能在我們的硬體產品組合中完全實現，包括為我們目前尚未涉足的用例和家庭空間提供全新的產品，但我們進入 2026 財年時擁有令人難以置信的產品組合，我們將透過軟體更新使其與策略緊密結合。我們將於今年下半年推出新的硬體產品，進一步壯大我們的產品線；我們將繼續完善品牌故事，拓展國際市場，提升安裝管道的卓越性，並選擇性地與合作夥伴攜手，觸達新的受眾群體。

As we turn this page, we also continue to execute effectively and with discipline. We've reduced our operating expense run rate by more than $100 million, while selectively investing in the opportunities where our conviction is highest. We've kept margins healthy even while navigating tariffs. We've grown adjusted EBITDA despite top line challenges. We've invested in innovation to unlock future growth while returning capital to shareholders through buybacks. And we've deepened our relationships with our channel and installer partners.

翻開新的一頁，我們也將繼續有效率、嚴謹地執行各項工作。我們已將營運費用減少了 1 億美元以上，同時有選擇地投資於我們最有信心的機會。即使在應對關稅問題的過程中，我們也保持了健康的利潤率。儘管營收面臨挑戰，但我們的調整後 EBITDA 仍然實現了成長。我們投資於創新，以釋放未來的成長潛力，同時透過股票回購將資本回饋給股東。我們加深了與通路合作夥伴和安裝合作夥伴的關係。

What drives all of this is the world we're building for our customers, a home that comes alive with sound and experiences that move seamlessly between moments, moods and spaces where every product, software component, and interaction works together and the whole becomes much greater than the sum of its parts.

這一切的驅動力是我們正在為客戶建立的世界，一個充滿聲音和體驗的家，這些聲音和體驗可以在不同的時刻、情緒和空間之間無縫切換，每個產品、軟體組件和互動都協同工作，整體效果遠大於各部分之和。

I've said before that Sonos is one of the few companies in the world with the ingredients to build beloved consumer products at the very highest level. As we enter fiscal 2026, I've never been more certain of our ability to do this. I see it in the passion of our team in the way customers respond when we make their systems better, and in the discipline with which we've reshaped the company around our core strengths. Great things lie ahead.

我之前說過，Sonos 是世界上為數不多的幾家擁有打造深受消費者喜愛的頂級產品所需要素的公司之一。進入 2026 財年，我從未像現在這樣確信我們有能力做到這一點。我從我們團隊的熱情中看到了這一點，從客戶對我們改進其係統時的反應中看到了這一點，也從我們圍繞自身核心優勢重塑公司時所展現出的嚴謹態度中看到了這一點。美好的未來就在前方。

Now let me turn things over to Saori.

現在讓我把麥克風交給沙織。

Thank you, Tom. Hi, everyone. We closed out fiscal 2025 on a high note as we delivered strong Q4 financial results. Revenue of $288 million was near the high end of our guidance range, driven by solid demand. On a year-over-year basis, revenue grew 13% versus our guidance of up 2% to 14%.

謝謝你，湯姆。大家好。我們在2025財年第四季取得了強勁的財務業績，為本財年畫下了圓滿的句點。受強勁需求的推動，營收達到 2.88 億美元，接近我們預期範圍的高端。與去年同期相比，營收成長了 13%，高於我們先前 2% 至 14% 的預期。

We saw strong double-digit growth in EMEA and our growth markets more than doubled in Q4. Our growth markets contributed more than one-fourth of our overall Q4 growth rate. On a product basis, we also achieved strong double-digit growth in home theater and plug-ins. Q4 GAAP gross margin was 43.7% and non-GAAP gross margin was 45.1%, both at the high end of our guidance range. Compared to last year's Q4, gross margin improved nearly 340 basis points on a GAAP basis and more than 400 basis points on a non-GAAP basis, driven by comp over onetime hits in prior year from inventory reserves to app recovery-related costs, in addition to cost savings and leverage, partly offset by impact of tariffs this year.

我們在歐洲、中東和非洲地區實現了強勁的兩位數成長，第四季成長市場規模翻了一番以上。我們的成長型市場貢獻了第四季整體成長率的四分之一以上。從產品層面來看，我們在家庭劇院和外掛領域也實現了強勁的兩位數成長。第四季 GAAP 毛利率為 43.7%，非 GAAP 毛利率為 45.1%，均處於我們預期範圍的高端。與去年第四季相比，按美國通用會計準則計算，毛利率提高了近 340 個基點，按非美國通用會計準則計算，毛利率提高了 400 多個基點，這主要得益於與去年同期相比，庫存準備金和應用程序恢復相關成本等一次性損失有所減少，此外還有成本節約和槓桿作用，但部分被今年關稅的影響所抵消。

Q4 GAAP operating expenses were $160 million, down 7% year over year. Non-GAAP operating expenses of $135 million were down 6% year over year. On a normalized basis, primarily for variable compensation, non-GAAP operating expenses declined by 19% due to cost optimization efforts we had set out in August of last year. Adjusted EBITDA was positive $6 million, which was $4 million above the midpoint of our guidance range. This is a $29 million improvement year over year due to higher revenue, better gross margin, and lower operating expenses.

第四季 GAAP 營運費用為 1.6 億美元，較去年同期下降 7%。非GAAP營運支出為1.35億美元，較去年同期下降6%。經過調整後，主要由於可變薪酬，非GAAP營運費用下降了19%，這得益於我們去年8月開始實施的成本優化措施。調整後 EBITDA 為正 600 萬美元，比我們預期範圍的中點高出 400 萬美元。由於收入增加、毛利率提高和營運費用降低，與去年相比，利潤提高了 2,900 萬美元。

Our balance sheet remains strong as our net cash balance ended the quarter at $228 million, which includes $53 million of marketable securities as we hold some excess cash in short duration treasury bills. We also have an undrawn revolving credit facilities at our disposal, which we just extended for another five years. Q4 cash flow was negative $2 million, up from negative $54 million last year, primarily due to higher cash earnings. CapEx was $5 million, down from $16 million last year.

我們的資產負債表依然強勁，本季末淨現金餘額為 2.28 億美元，其中包括 5,300 萬美元的有價證券，因為我們持有部分超額現金於短期國庫券中。我們還擁有一筆尚未動用的循環信貸額度，我們剛剛延長了五年。第四季現金流為負 200 萬美元，較去年同期的負 5,400 萬美元有所改善，主要原因是現金收益增加。資本支出為500萬美元，低於去年的1600萬美元。

Our period-end inventory balance declined 26% year over year to $171 million as we comp over last year's inventory build ahead of launch of Arc Ultra and Sub 4 and work down of component inventory. Our inventory consists of $153 million of finished goods and $18 million of components.

由於去年為推出 Arc Ultra 和 Sub 4 而建立的庫存以及組件庫存的減少，我們的期末庫存餘額比去年同期下降 26% 至 1.71 億美元。我們的庫存包括價值 1.53 億美元的成品和 1800 萬美元的零件。

As I said in the past, returning capital to shareholders remain a key pillar of our capital allocation framework. Accordingly, we spent $20 million of share repurchases in Q4 at an average price of $13.39, reducing our share count by 1.3%. For fiscal 2025, as a whole, we spent $81 million to repurchase 5.7 million shares at an average price of $14.23. We have $130 million remaining on our current share repurchase authorization. In addition to keeping our share count in check through regular share repurchases, we're managing dilution through the actions that we took to reorganize and reduce layers of senior management, which has resulted in our annualized stock-based compensation expense decreasing from $101 million in Q1 to $68 million in Q4.

正如我之前所說，向股東返還資本仍然是我們資本配置架構的關鍵支柱。因此，我們在第四季度花費了 2000 萬美元回購股票，平均價格為每股 13.39 美元，使我們的股票數量減少了 1.3%。2025財年，我們總共花費8,100萬美元以平均每股14.23美元的價格回購了570萬股股票。我們目前的股票回購授權額度還剩1.3億美元。除了透過定期回購股票來控制我們的股份數量外，我們還透過重組和減少高階管理層來控制股權稀釋，這使得我們的年度股票薪資支出從第一季的 1.01 億美元減少到第四季的 6800 萬美元。

For the full year, our revenue was $1.44 billion. While our overall revenue declined 5% year over year, we saw strong double-digit growth in our growth markets, which contributed almost 1 percentage point of growth rate to total revenue. We also saw growth in home theater, which helped us gain further share in US premium home theater for the third year in a row, where we retained our number one position. We also improved our share in EMEA, where we hold the number two position in premium home theater.

全年營收為14.4億美元。雖然我們的整體營收年減了 5%，但我們在成長型市場實現了強勁的兩位數成長，為總營收貢獻了近 1 個百分點的成長率。家庭劇院業務也實現了成長，這幫助我們連續第三年在美國高端家庭劇院市場獲得了更大的份額，並保持了第一的位置。我們在 EMEA 地區的市佔率也有所提高，目前在高階家庭劇院領域排名第二。

In fiscal 2025, we grew our installed base 5% to 17.1 million households. Devices per average household grew to 3.13, up 2% from the prior year. We also saw growth in devices per multiproduct household, which improved to 4.49, up 2% year over year. Consistent with past years, our existing households accounted for 45% of product registrations.

2025 財年，我們的用戶基數成長了 5%，達到 1,710 萬戶家庭。平均每個家庭擁有的設備數量增長至 3.13 台，比前一年增長 2%。我們也看到每個多產品家庭的設備數量有所成長，達到 4.49 台，較去年同期成長 2%。與往年一樣，現有家庭用戶佔產品註冊量的 45%。

GAAP gross margin came in at 43.7%. Non-GAAP gross margin of 45.2% was down just 60 basis points year over year despite price decrease on key products and tariffs due to cost savings efforts and product mix. Our GAAP and non-GAAP operating expenses declined by 8% and 10%, respectively, on a reported basis, and 16% and 17% on a normalized basis.

GAAP毛利率為43.7%。儘管由於成本節約措施和產品組合調整，主要產品和關稅有所下降，但非GAAP毛利率為45.2%，年比僅下降60個基點。以報告基準計算，我們的 GAAP 和非 GAAP 營運費用分別下降了 8% 和 10%；以正常基準計算，分別下降了 16% 和 17%。

Adjusted EBITDA increased 23% year over year to $132 million, driving 210 basis points of margin improvement to 9.2%. This is a direct result of our transformation efforts over the past five quarters, which have resulted in Sonos becoming a leaner and more focused organization with sharper financial discipline.

調整後 EBITDA 年成長 23% 至 1.32 億美元，利潤率提高 210 個基點至 9.2%。這是過去五個季度我們轉型努力的直接成果，這些努力使 Sonos 成為一個更精簡、更專注、財務紀律更嚴格的組織。

As we continue our transformation journey and gain operating leverage through top-line growth, we expect to increase our margin over time. Non-GAAP earnings per share grew 31% to $0.64 due to lower operating expenses and reduced diluted share count.

隨著我們不斷推進轉型進程，並透過營收成長獲得營運槓桿，我們預計利潤率將隨著時間的推移而提高。由於營運費用降低和稀釋後股份數量減少，非GAAP每股收益成長31%至0.64美元。

Lastly, free cash flow was $108 million, down from $135 million in fiscal 2024 due to $35 million of nonrecurring items this year. Excluding these nonrecurring items, which included $24 million of cash restructuring payments and $11 million of tax payments for intercompany transfer of IP, fiscal 2025 cash flow would have been $144 million, up $9 million or 7% year over year.

最後，自由現金流為 1.08 億美元，低於 2024 財年的 1.35 億美元，原因是今年有 3,500 萬美元的非經常性項目支出。如果排除這些非經常性項目（包括 2,400 萬美元的現金重組付款和 1,100 萬美元的公司間智慧財產權轉移稅款），2,025 財年的現金流量將達到 1.44 億美元，比上年增加 900 萬美元，增幅為 7%。

Turning to our guidance. The Q1 outlook we're providing today reflects the trends that we have observed quarter to date as well as our expectation of demand in the holidays. We expect Q1 revenue to be in the range of $510 million to $560 million, down minus 7% to up 2% year over year. Growth in underlying demand should be slightly positive at the midpoint, better than the year-over-year change in revenue as we comp over launch and channel fill of Arc Ultra and Sub 4 in Q1 of last year.

請參考我們的指導意見。我們今天提供的第一季展望反映了我們本季迄今觀察到的趨勢，以及我們對假期期間需求的預期。我們預計第一季營收將在 5.1 億美元至 5.6 億美元之間，年減 7% 至成長 2%。潛在需求成長在中點應該略微為正，優於去年第一季 Arc Ultra 和 Sub 4 的上市和通路填充帶來的營收年增率。

Looking beyond Q1, we expect improving year-over-year comparison with new product launches concentrated in the second half of fiscal 2026. We expect Q1 GAAP gross margin to be in the range of 44% to 46%, with non-GAAP gross margin approximately 110 basis points higher than GAAP. This represents a year-over-year increase of more than 100 basis points increase at the midpoint for both figures. This guidance comprehends the impact of tariffs and pricing changes.

展望第一季之後，我們預計隨著新產品發布集中在 2026 財年下半年，年比業績將會改善。我們預計第一季 GAAP 毛利率將在 44% 至 46% 之間，非 GAAP 毛利率將比 GAAP 高出約 110 個基點。這意味著兩個數字的中點數值均比上年同期增加了 100 多個基點。本指南涵蓋了關稅和價格變化的影響。

Please note that we expect our Q1 gross margin to benefit from the following two factors: one, leverage from holiday sales volume; and two, a lower effective tariff rates, thanks to our seasonal inventory build in Q4. We expect our effective tariff rate to step up and stabilize in Q2, representing a further 100 basis point headwind versus Q1.

請注意，我們預計第一季毛利率將受益於以下兩個因素：一是假期銷售量帶來的槓桿效應；二是由於我們在第四季度建立了季節性庫存，有效關稅稅率降低。我們預計第二季實際關稅稅率將上升並趨於穩定，與第一季相比，這將帶來 100 個基點的額外不利因素。

We expect Q1 GAAP operating expenses to be in the range of $152 million to $162 million, down 19% at midpoint from last year, with non-GAAP operating expenses to be lower than GAAP by approximately $16 million. Please note that our operating expenses will vary quarter by quarter in part due to timing of product launches and associated expenses. Bringing it all together, we expect Q1 adjusted EBITDA to be in the range of $94 million to $137 million, representing year-over-year growth of 27% and a margin of approximately 22% at midpoint of roughly 500 basis points of margin expansion.

我們預計第一季 GAAP 營運費用將在 1.52 億美元至 1.62 億美元之間，較去年同期下降 19%（取中間值），非 GAAP 營運費用將比 GAAP 低約 1,600 萬美元。請注意，由於產品發佈時間和相關費用等因素，我們的營運費用會逐季有所變動。綜合所有因素，我們預計第一季調整後 EBITDA 將在 9,400 萬美元至 1.37 億美元之間，年增 27%，利潤率約為 22%（中點約為 500 個基點的利潤率擴張）。

When I first outlined our transformation journey in August of 2024, we committed to improving efficiency, regaining profitability and investing in long-term growth. In fiscal 2025, we executed on this pivotal work, growing adjusted EBITDA by 23% and non-GAAP EPS by 31%. Our results reflect the progress we've made in becoming a leaner and more nimble organization.

2024 年 8 月，我首次概述了我們的轉型之旅，我們承諾提高效率、恢復獲利能力並投資於長期成長。在 2025 財年，我們完成了這項關鍵工作，調整後 EBITDA 成長了 23%，非 GAAP 每股盈餘成長了 31%。我們的業績反映了我們在成為一個更精簡、更靈活的組織方面所取得的進步。

Furthermore, we evolved our pricing strategy with an eye towards growing households and increasing lifetime value. I want to thank the entire Sonos team for their commitment and resilience in executing and adapting to many changes this past year as we navigate this journey.

此外，我們著眼於不斷增長的家庭數量和提高終身價值，並不斷改進我們的定價策略。我要感謝 Sonos 團隊全體成員，感謝他們在過去一年中展現出的奉獻精神和韌性，感謝他們應對和適應了許多變化，帶領我們走過這段旅程。

It is important to note that this critical improvement in our profitability did not come at the expense of future growth. Though we have significantly reduced our operating expenses, we have grown our investments in enhancing our core software experience, expanding our global footprint, and investing in our people. We'll remain disciplined as we focus on returning to durable top-line growth, balancing continued profitability improvements with reinvesting efficiency gains and advancing our pricing framework in alignment with our corporate strategy to strengthen our platform, attract new households, and increasing customer lifetime value.

值得注意的是，我們獲利能力的這一重大提升並沒有以犧牲未來成長為代價。雖然我們大幅降低了營運費用，但我們增加了對提升核心軟體體驗、擴大全球業務範圍以及投資員工的投入。我們將繼續保持嚴謹的態度，專注於恢復可持續的營收成長，在持續提高獲利能力的同時，將效率提升成果再投資，並根據公司策略推進定價框架，以加強我們的平台，吸引新的家庭用戶，並提高客戶的終身價值。

With only a small fraction of the global market captured so far, our view is that there is a vast opportunity in front of us. After the call, we will upload our new investor presentation to our IR website, which has been updated to reflect the strategy Tom described earlier in the call as well as our fiscal 2025 results in our Q1 guidance.

目前我們只佔據了全球市場的一小部分，因此我們認為眼前還有巨大的機會。電話會議結束後，我們將把新的投資者簡報上傳到我們的投資者關係網站，該簡報已更新，以反映 Tom 在電話會議中早些時候描述的策略以及我們 2025 財年第一季度業績指引。

With that, I'd like to turn the call over for questions.

接下來，我想把通話交給各位提問。

(Operator Instructions)

（操作說明）

Steven Frankel, Rosenblatt.

Steven Frankel，Rosenblatt。

Tom, you've laid out an interesting new description of your strategy. And I'd like to drill down just a little bit. To date, you relied on third parties like Alexa for bringing intelligence to the product. Are you talking about maybe trying to bring some of those capabilities in-house when you're describing AI interactions with your products?

湯姆，你對你的策略提出了一個很有意思的新描述。我想再深入探討一下。到目前為止，你們一直依賴 Alexa 等第三方為產品帶來智慧。您描述人工智慧與貴公司產品的互動時，是指嘗試將其中一些功能引入公司內部嗎？

I think you'll see us be a platform for both third-party AI experiences as well as our own first-party experiences in the same way that in the past, we hosted Alexa and Google Assistant and our own Sonos Voice experience. So I think there's tons of opportunity in both of those lanes for us.

我認為你會看到我們成為一個平台，既可以承載第三方人工智慧體驗，也可以承載我們自己的第一方體驗，就像過去我們託管 Alexa 和 Google Assistant 以及我們自己的 Sonos Voice 體驗一樣。所以我覺得我們在這兩個領域都有很多機會。

Okay. And then in terms of the holiday season, could you give us some insights into your promotional posture for holidays and what you expect your competitors to be doing at this point?

好的。那麼，就假日而言，​​您能否談談貴公司在假日期間的促銷策略，以及您預計競爭對手此時會採取哪些措施？

Steven, it's Saori. Thanks for the question about the holidays. Clearly, the holiday -- the peak of the holidays are still ahead of us, and with some of the tariff-related activities -- mitigation factors that we've put in place, we're monitoring that. And so far, those are coming in as expected. And so that's comprehended in our guidance that we provided on the call.

史蒂文，我是沙織。謝謝你問到關於假期的問題。顯然，假期——假期的高峰期尚未到來，而且考慮到一些與關稅相關的活動——我們已經採取了一些緩解措施，我們正在密切關注這些措施。目前來看，這些數據都符合預期。這一點已在我們電話會議中提供的指導中有所體現。

We're continuing to see demand track so far. And so as we go into the holidays, we have some of the usual activities that we're contemplating, but combined with some of the, again, the tariff mitigation activities that we have contemplated. And so we are monitoring how those play out.

目前來看，需求仍保持穩定。因此，隨著假期的臨近，我們正在考慮一些常規活動，但同時也考慮一些關稅緩解措施。因此，我們正在密切關注事態發展。

And should we expect you to -- given your desire to improve the products per household and get upgrades going, extend a lot more efforts going forward in the installed base through e-mail marketing and promotions to the installed base as opposed to advertising, marketing promotions in the channel in general?

鑑於您希望改善每戶家庭的產品體驗並推動產品升級，我們是否應該期待您在未來透過電子郵件行銷和促銷活動，向已安裝使用者群體投入更多精力，而不是像以往那樣在管道內進行廣告和行銷推廣？

Yeah. One of the things I mentioned on the call or referenced was the pricing strategy that we're now starting to take, which is in alignment with the strategy that Tom described on the call, which is exactly to improve the household acquisitions, but the quality household that will provide the repurchase cycle. And so the pricing strategy that we have started to reorient ourselves in the spring when we, in particular, reduced the pricing of the Era 100 speaks to product selectively that we're taking on the pricing where we'll bring in the quality household with the tendency for the future repurchases and maximizing our lifetime value from our customers.

是的。我在電話會議上提到或提及的一件事是我們現在開始採取的定價策略，這與湯姆在電話會議上描述的策略一致，即改善家庭收購，但要確保家庭質量，從而實現重複購買。因此，我們從春季開始調整定價策略，特別是降低了 Era 100 的價格，這表明我們有選擇地對產品進行定價，以吸引高品質的家庭用戶，並提高他們未來的重複購買率，從而最大限度地提高客戶的終身價值。

I was just going to add. I think it's important to remember that there's really kind of these two levers in the model. The first is growing households. And so part of growing households is going to be about doing a better job of telling a sort of full-funnel marketing message from driving awareness for the Sonos system to gaining consideration among consumers and then driving to purchase for new households. We'll do that through better gateway products, more compelling experiences, better differentiation, and stronger marketing.

我正要補充一點。我認為重要的是要記住，這個模型中實際上有兩個槓桿。首先是家庭數量的增長。因此，對於不斷成長的家庭來說，部分工作就是更好地傳遞一種全通路行銷訊息，從提高人們對 Sonos 系統的認知度，到獲得消費者的考慮，再到最終促使新家庭購買。我們將透過更好的入門級產品、更具吸引力的體驗、更好的差異化和更強大的行銷來實現這一目標。

And then as you point out, there's real opportunity for us around better engaging with our existing customer base to drive expanded lifetime value, and we'll do that through both the current product portfolio, marketed better and through entirely new products that will drive new use cases in the home for our customers.

正如您所指出的，我們確實有機會更好地與現有客戶群互動，從而提高客戶終身價值。我們將透過更好地推廣現有產品組合，以及推出全新的產品來實現這一目標，這些新產品將為我們的客戶帶來新的家庭使用情境。

(Operator Instructions)

（操作說明）

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Tom, I think it's really exciting that you can lay out this new strategy for Sonos. And I just wanted to ask you about it. Again, I guess I'm putting words in your mouth here, but it sounds a little bit like you're attempting to become more of a broad-based smart home platform because obviously, to date, the differentiating Sonos value prop has been the system of connected sound devices that you've provided.

湯姆，我覺得你能為 Sonos 制定出這樣的新策略真是太棒了。我只是想問你這件事。我猜我這是在替你說話，但聽起來你似乎想成為一個更廣泛的智慧家庭平台，因為很明顯，到目前為止，Sonos 的差異化價值主張一直是你們提供的連網音響設備系統。

So when you say a cohesive system that compounds in value, can you maybe just give us a little bit more granular understanding of exactly what that means and maybe some of the adjacencies that you're referencing? And then I have a quick follow-up, please.

所以，當你說一個具有複合價值的凝聚系統時，你能否更詳細地解釋一下這究竟意味著什麼，以及你提到的一些相關因素？最後，我還有一個後續問題。

Sure. I'd like to start by kind of contrasting what we're doing under this new strategy to where we've most recently been. I think for the last -- maybe as many as seven or eight years, the company has been very focused on building great individual products, best-in-class sound bar, a best-in-class pair of noise canceling headphones, a best-in-class portable speaker. And the execution of the company from product to marketing has really reflected that category approach. And what we're doing with this strategy is going to seem at some level familiar because in a way, it is a return to form.

當然。我想先比較一下我們在新策略下所做的事情與我們最近所做的事情。我認為在過去的七、八年裡，該公司一直非常專注於打造優秀的產品，例如一流的條形音箱、一流的降噪耳機和一流的便攜式揚聲器。從產品到行銷，公司的執行力都真正體現了這種品類導向。而我們採用的這種策略在某種程度上會讓人覺得似曾相識，因為從某種意義上來說，這是一種回歸本源。

Sonos started as a connected system, not just this kind of loose collection of products. And so thematically, we are going back to our roots. But I think what has changed in the last decade is the scale of what system can mean today.

Sonos 最初是一個互聯繫統，而不僅僅是這種零散的產品集合。因此，從主題上看，我們正在回歸本源。但我認為過去十年發生的變化是，如今「系統」一詞的含義已經發生了巨大的改變。

Early Sonos really just connected a few rooms together to play music in sync and frankly, at the founding, not even from the Internet, from a collection of MP3 files that sat on a hard drive in your home. Fast forward 20 years, the canvas is just far, far bigger. We have hundreds of services, formats, traditional voice control and this whole new explosion of AI personalities that I think can all come together in the home.

早期的 Sonos 實際上只是將幾個房間連接起來，同步播放音樂；坦白說，在創立之初，音樂甚至不是來自互聯網，而是來自你家硬碟上儲存的 MP3 檔案集合。時光荏苒，20 年過去了，如今的舞台已經變得無比廣闊。我們有數百種服務、格式、傳統語音控制以及人工智慧人格的全新爆發式增長，我認為所有這些都可以在家庭中融合在一起。

And so yes, we are evaluating the opportunity for ambience in the home and entertainment in the home outside of just audio and video and film. But I think better to think about like the entirety of the canvas of what the consumer experience can be in the home and what the Sonos platform with our 17 million homes, more than 53 million Internet-connected voice-enabled devices already in the field, what that platform can become in this sort of new era.

所以，是的，我們正在評估除了音訊、視訊和電影之外，在家中營造氛圍和進行娛樂的機會。但我認為，最好從整體上考慮消費者在家中的體驗，以及 Sonos 平台及其覆蓋的 1700 萬個家庭、超過 5300 萬台已投入使用的聯網語音設備，在這個新時代，該平台能夠發展成什麼樣子。

Okay. I got you. That makes sense. I'm looking forward to hearing more about that as we keep going. And then, Saori, can you maybe help us better understand how you guys are absorbing what I think are relatively outsized tariff costs?

好的。我接到你了。這很有道理。我很期待在接下來的內容中聽到更多相關資訊。那麼，Saori，你能否幫助我們更了解你們是如何承擔我認為相對過高的關稅成本的？

Like if I just say 60% of your business is in the US and the average tariff rate in the areas where you produce your devices is, call it, roughly 20%. That's a pretty sizable tariff headwind. We're talking like several tens of millions of tariff -- incremental tariff costs. So at the same time, I think you're trying to open your funnel a bit with certain pricing actions.

例如，如果我說你 60% 的業務都在美國，而你生產設備所在地區的平均關稅稅率大約是 20%。這是一個相當大的關稅阻力。我們說的是數千萬美元的關稅——增量關稅成本。所以同時，我認為你也在嘗試透過一些定價策略來稍微打開你的銷售管道。

So just can you help bring it all together and help us understand, obviously, a very strong 1Q profitability guide even before we get to the OpEx dynamics. How are you absorbing all of these costs?

所以，您能否幫忙把所有資訊整合起來，幫助我們理解，顯然，即使在我們討論營運支出動態之前，也需要非常強勁的第一季獲利預期。你們如何承擔所有這些費用？

Erik, I'm going to jump in here because I'm just so proud of how the company has reacted to this unexpected headwind that sort of fell in our lap in April. And it's taken a real kind of not just cross-functional effort inside of Sonos, but in our entire ecosystem of working with our partners to get to the mediation of these tariffs that we've been described in Saori's remarks.

艾瑞克，我要插一句，因為我為公司應對四月份突如其來的逆風所做出的反應感到非常自豪。而且，這不僅需要 Sonos 內部的跨職能努力，還需要我們與合作夥伴的整個生態系統的共同努力，才能達成 Saori 演講中所描述的這些資費調解方案。

But just to put some numbers to it, so you can think about it. In Q1, we're looking at about 300 basis points of margin impact due to tariffs at their sort of current blended rate. Virtually all of that impact has been mitigated by our actions. And so what are those actions? Those are pricing, those are how we're using promotion. That's all the work we've done with our channel partners to share the burden of these costs. So great progress for Q1.

但為了更直觀地說明問題，我還是給一些數字，方便你們思考。第一季度，由於關稅以目前的混合稅率計算，我們預計利潤率將受到約 300 個基點的影響。我們的行動幾乎減輕了所有這些影響。那麼，這些行動具體是什麼呢？這些都是定價策略，這些都是我們運用促銷手段的方式。這就是我們與通路合作夥伴為分擔這些成本所做的一切工作。第一季進展順利。

Now looking forward to Q2, the blended rate -- the tariff rate stays the same, call it, about 20% on the products that we make in Malaysia and Vietnam that come to the United States. But as the sort of blended effective rate fully sort of lands in Q2, we see that margin impact in total, it was 300 basis points become about 400 basis points. And so our mitigations sort of are already fully landed. They're going to land at about that 300 basis points place. So in the end, fully realized, we'll see about 100 basis points of margin impact across the whole business due to the tariffs.

現在展望第二季度，混合稅率——關稅稅率保持不變，約為 20%，針對我們在馬來西亞和越南生產並出口到美國的產品。但隨著這種混合有效利率在第二季全面生效，我們看到利潤率的整體影響從 300 個基點變為約 400 個基點。因此，我們的緩解措施基本上已經全面落實到位。他們的最終成交價大概會在300個基點左右。因此，最終，全面落實來看，關稅將對整個業務的利潤率產生約 100 個基點的影響。

Again, this is just one of those things, those curve balls that you tackle in a company like ours. I'm just really, really proud of all of the hard work that the team has done. And frankly, also how well it's all landing in the market because, of course, going into it, there's a lot of modeling that you do, a bunch of analysis, particularly around the elastic response to things like price changes. And I think the team has done just a great job of predicting where the market would be. And so far, we're seeing that our estimates are really playing out in the real world.

再說一遍，這只是我們這樣的公司會遇到的眾多突發狀況之一。我真的為團隊付出的所有努力感到無比自豪。坦白說，也要看它在市場上的反應如何，因為當然，在進入市場之前，你需要做很多建模工作，進行大量的分析，特別是關於價格變化等因素的彈性反應。我認為團隊在預測市場走向方面做得非常出色。到目前為止，我們看到我們的預測在現實世界中確實得到了驗證。

Well, okay. That is awesome. That is very impressive. And maybe just the last one, and this is kind of open-ended for you, Tom, is you characterized 2025 as a transitional year. How are you characterizing 2026 today? And then that's it for me.

好吧。太棒了。那真是令人印象深刻。或許最後一個問題，湯姆，這個問題對你來說有點開放式，你把 2025 年描述為一個過渡年。你今天如何描述2026年？對我來說，這就結束了。

Thanks. I mean I really feel like it's a whole new chapter. I mean last time we were together on the call, I had just been named the CEO and described that when you're an interim CEO, particularly under the circumstances that I came into Sonos, you're focused kind of on the immediate horizon. And we did a lot of work to sort of transition the company in 2025. And I really feel like we're turning the page on a new chapter for the company now.

謝謝。我的意思是，我真的覺得這是一個全新的篇章。我的意思是，上次我們一起通話時，我剛剛被任命為首席執行官，我當時描述說，當你擔任臨時首席執行官時，尤其是在我加入 Sonos 的那種情況下，你會專注於眼前的事情。我們做了很多工作，以期在 2025 年實現公司的轉型。我真的覺得我們現在正在翻開公司新篇章的一頁。

We're looking much farther out on the horizon. I'm so excited about Colleen joining us to breathe new creative energy and execution into our marketing organization. We've delivered a strategy that brings the entire company together around the Sonos system. And we're beginning to execute on the road map that will land first a whole set of new experiences powered by software and to land new messaging in our marketing that will tell the world about what we intend to be and the services that we can provide in their homes.

我們的目光投向了更遠的地方。我非常高興 Colleen 能加入我們，為我們的行銷團隊注入新的創意活力和執行力。我們制定了一項策略，將整個公司凝聚在 Sonos 系統周圍。我們正在開始執行路線圖，首先推出一系列由軟體驅動的新體驗，並在我們的行銷中引入新的訊息，向世界講述我們的目標以及我們可以在他們家中提供的服務。

And then in time, of course, you'll see new hardware expression of the strategy come to market as well. And it's just -- I mean, honestly, it's just sort of a delight to get to be focused on the next chapter of Sonos and to feel like the transition is now behind us.

當然，隨著時間的推移，你也會看到該策略的新硬體產品推向市場。說實話，能夠專注於 Sonos 的下一個篇章，並且感覺過渡期已經過去，這真是一件令人高興的事。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Just to follow up on the heels of that question. Just when you think about being in the C5 months, I know you've had a playbook, but as you kind of put it, you're now the full-time coach. So on this new playbook that you're unveiling, maybe if you can give us just a hint of how you think about the biggest areas of improvement, and the action plans to achieve those improvement plans.

我只是想接著剛才的問題再問一下。就在你想到進入 C5 階段的時候，我知道你已經有了行動計劃，但正如你所說，你現在是全職教練。所以，關於您即將公佈的這套新方案，您能否透露一下您認為需要改進的最大領域是什麼，以及實現這些改進計劃的行動方案？

I'm an engineer and builder by background. And when you face a new sort of opportunity, product definition, the first work that you do is sort of decompose it into its constituent parts and begin to execute. And so much of what we've been doing is that work of decomposition of building the right team, improving our operating discipline, setting out a clear strategy to the team, setting a financial model that we know will drive growth, and then doing the work of defining what are the product executions that deliver on the strategy.

我本身是工程師和建築師出身。當你面臨一種新的機會，即產品定義時，你首先要做的工作就是將其分解成各個組成部分，然後開始執行。我們所做的許多工作都是這樣分解的：組建合適的團隊，改善我們的營運紀律，為團隊制定清晰的策略，建立我們知道能夠推動成長的財務模型，然後著手定義哪些產品執行方案能夠實現該策略。

And so for my part, I'm just -- I'm excited about doing that decomposition and getting to work on the constituent pieces with the entirety of the company behind me. And I'm just -- again, I'll just reiterate my enthusiasm for where I think we can be in time.

所以就我而言，我非常興奮能夠進行這種分解，並在整個公司的支持下著手處理各個組成部分。我只想再次重申我對我們未來能夠達到的目標的熱情。

I guess the question we get is how much change needs to happen in your mind for you to get and achieve this? Is this a fine-tune? Or is this more of a drastic overhaul?

我想我們常被問到的問題是，為了獲得並實現這個目標，你的思想需要多大的改變？這是微調嗎？或者說，這是更徹底的改革？

I think we're really building from a place of strength here. We have tens of millions of Internet-connected, voice-enabled devices of the highest quality in 17 million homes. We've got a software platform that was designed from the ground up for both third- and first-party services to express themselves. We have best-in-class sound and microphone technology. We now have an incredible world-class marketing leader at the helm of our marketing organization.

我認為我們現在確實是在強大的基礎上發展。我們在 1700 萬個家庭中擁有數千萬台最高品質的連網語音設備。我們擁有一個從零開始設計的軟體平台，旨在讓第三方服務和第一方服務都能充分發揮自身優勢。我們擁有業界頂尖的音訊和麥克風技術。我們現在擁有一位傑出的世界級行銷領導者執掌我們的行銷團隊。

And I think at the end of the day, in most cases, setting the strategy is a tiny fraction of the work, and it's just about execution after that. And so now we're really just in execute mode.

我認為歸根結底，在大多數情況下，制定策略只是工作的一小部分，剩下的就是執行了。所以現在我們真的進入了執行模式。

Just to add to that, Brent, this is Saori. Some of the other activities that we've already have started reoriented, as Tom called 2025, the transition year that we're looking forward to advancing is things like the pricing strategy that we started to implement in the middle of FY25 that we're starting to see some of the fruit of that. And with Tom's new strategy that's being more clearly articulated, we're really aligning that sort of the portfolio view of how we look at our products and how we price and how we expect the margin of those products with a lifetime value of the customer in mind as well.

布倫特，補充一下，這位是佐織。我們已經開始調整其他一些活動的方向，正如湯姆所說的 2025 年，我們期待推進的過渡年，例如我們在 2025 財年中期開始實施的定價策略，我們已經開始看到一些成果。隨著湯姆的新策略越來越清晰地闡述，我們正在真正地調整我們對產品組合的看法，包括我們如何看待我們的產品、如何定價以及我們如何預期這些產品的利潤率，同時也考慮到客戶的終身價值。

And so that's another aspect of how we're approaching the company differently than in the past that we can speak to. And this is all in addition to some of the OpEx cost optimizations that we've been doing, the transformation work that we've been doing that has taken, as Tom said, over $100 million, and there are more efficiencies that we're working on that we're really actively looking to where to best invest for the future growth of the company. So there's many aspects of how we operate are different than in the past that I wanted to just add to the point that Tom is making.

所以，這是我們與過去不同的公司運作方式的另一個方面，我們可以談談這一點。除此之外，我們還進行了一些營運成本優化，以及轉型工作（正如湯姆所說，已經花費了超過 1 億美元），而且我們正在努力提高效率，積極尋找最佳的投資方向，以促進公司的未來發展。所以，我們在運作方式上的許多方面都與過去不同，我想補充一下湯姆提出的觀點。

Yes, that's great. Just while we have you, just when you mentioned EMEA was strong in the quarter, maybe just double-click into what you're seeing in EMEA.

是的，那太好了。既然您提到了 EMEA 在本季表現強勁，不妨再詳細了解您在 EMEA 看到的情況。

Yeah. No, aside from some of our execution, we are seeing also some parts of EMEA market also doing as well. But certainly, we've seen EMEA respond well to some of these pricing changes that we've made in the middle of the year and products like Arc Ultra, that's more of a global speak, has done really well at the home theater space. They've continued to gain share in the space. And so both between the innovation of the products that we have and the pricing strategy and how we're approaching some of these markets that have been relatively depressed in the last couple of years.

是的。不，除了我們自身的一些執行情況外，我們也看到歐洲、中東和非洲市場的部分地區也表現出色。但可以肯定的是，我們看到 EMEA 對我們年中做出的一些價格調整反應良好，像 Arc Ultra 這樣的產品（從全球角度來說）在家庭劇院領域表現非常出色。他們在該領域的市場份額持續增長。因此，無論是我們產品的創新，還是定價策略，以及我們如何應對過去幾年相對低迷的某些市場，都至關重要。

EMEA had been hit even harder than US in the past years. And so we're starting -- we're really excited to see some of the recoveries that we're seeing in those markets. In addition, as we also mentioned, we're looking at some of the geographic expansions as well. And so there are some markets that we focused on that are also starting to fruit.

過去幾年，歐洲、中東和非洲地區受到的衝擊甚至比美國還要嚴重。因此，我們開始——我們非常高興地看到這些市場正在出現一些復甦跡象。此外，正如我們之前提到的，我們也在考慮一些地域擴張方面的問題。因此，我們重點關注的一些市場也開始取得成果。

(Operator Instructions) And there are no further questions at this time. Tom Conrad, I'll turn the call back over to you.

（操作說明）目前沒有其他問題了。湯姆‧康拉德，我把電話轉回給你。

Thank you. Just as we close, I want to come back just for a second to the heart of our strategy. At the center of everything we're working on is the Sonos system. One connected experience that gets better with every product, update, and household we add and most importantly, where the whole is far greater than the sum of its parts. It's a pretty simple idea with enormous potential, and I'm so excited about where we're headed.

謝謝。在結束之前，我想花一點時間回到我們策略的核心。我們所有工作的核心都是 Sonos 系統。我們不斷增加產品、更新和家庭，打造更完善的連結體驗，最重要的是，整體效果遠大於各部分總和。這是一個非常簡單的想法，卻蘊藏著巨大的潛力，我對我們未來的發展方向感到非常興奮。

I also want to thank the team for the hard work that brought us here, our partners for the incredible teamwork they've shown us this year, and our investors for believing in me and where the company is headed. So thank you so much for joining us today, and we look forward to talking to you next quarter.

我還要感謝團隊的辛勤工作，是他們的努力才讓我們走到今天；感謝合作夥伴們今年展現出的出色團隊合作精神；感謝投資者們對我和公司未來發展的信任。非常感謝您今天參加我們的活動，我們期待下個季度與您再次交流。